IRVING, TX – JPI truly recognizes the development opportunities in Farmers Branch, a submarket that is proving to be a magnet for employers and residents alike. The latest example, Jefferson Alpha West, a four-tale, luxury apartment community that JPI broke ground on. The property will add 409 homes to a larger mixed-use development at Alpha and Inwood, which also includes a 155 room ALOFT Hotel, 296,000 square feet of high-rise office space and 22,000 square feet of retail space.

“Jefferson Alpha West combines exceptional design with ultimate convenience in a market poised to grow tremendously,” said Matt Brendel, senior vice president and development partner at JPI. “The location provides residents a walkable, amenity-rich environment while maintaining a strong sense of community.”

Located off the Dallas North Tollway, Jefferson Alpha West is just steps away from the Galleria mall. The community is also less than two miles from the well-known Addison Circle, which encompasses 120,000 square feet of retail space and a 10-acre park that serves as a special events center for activities throughout the year.

Tying in to the inner-city location, Jefferson Alpha West will have an urban-design feel that is brought to life by extensive use of storefront glass at the main entry and leasing area. The community will be highly integrated with its surrounding environment through wide walkways and landscaping. Jefferson Alpha West will also offer residents: Urban 10-foot ceilings, Private patios with ground-floor private yards, resort-style pool, fourth-floor rooftop lounge, two-tale vaulted-ceiling clubhouse, and community dog park.

JPI is a national developer, builder and investment manager of Class A multifamily assets across the U.S. and is the most active multifamily developer in Dallas-Fort Worth, with 4,610 apartment homes under construction. With a 30-year history of successful developments throughout major U.S. markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. 

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GREENSBORO, NC – Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of University Village located near the University of North Carolina at Greensboro (“UNCG”). With this latest transaction, Vesper’s student housing portfolio now totals over 17,000 beds. Inclusive of this acquisition, Vesper has bought 15 properties totaling approximately $450 million over the last 18 months. University Village is the fifth student housing community that Vesper has bought during the last 4 months alone.

University Village is a 600-bed apartment community that caters to students enrolled at the University of North Carolina at Greensboro. Completed in 2006, University Village is the best-located property in the UNCG off-campus market. The property is located across the street from the main entrance of the University and is pedestrian to the core nightlife in Greensboro.  

The Property’s unit mix consists of two-, three-, and four-bedroom floor plans – all with bed-to-bath parity. The apartments feature large fully-equipped kitchens, washers and dryers, patios/balconies, cable television, and high-speed internet. University Village residents delight in a full range of amenities including a clubhouse, swimming pool, 24-hour fitness center, business center, computer lab, and tanning beds.

Vesper bought University Village for $40.0 million in an off-market transaction. Vesper is plotting to invest over $1 million in capital expenditures. Property improvements will include a renovation of the units and amenities, as well as extensive enhancements to the property’s exteriors and substantial technology upgrades throughout the complex.

“Our acquisition of University Village is part of a strategy to buy pedestrian-to-campus properties that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-founder, and Principal of Vesper Holdings. “We are pleased to expand our footprint in North Carolina and incorporate this property into our rapidly growing student housing portfolio.”

Vesper Holdings’ student housing portfolio is the 8th largest in the United States. Vesper’s portfolio, including University Village, is managed by its in-house property management company – Campus Life & Style (CLS). 

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SAN JOSE, CA – The Millbrae City Council approved the entitlements that will allow for the Gateway at Millbrae Station development to go forward and provide the region with critical housing.

Offering 400 apartments, including 80 standalone veteran preferred affordable apartments, and an additional 20 affordable rate apartments within the market rate complex, the development is viewed as a major victory for housing advocates.

“The Gateway at Millbrae Station development will provide critical housing to help alleviate the region’s housing shortage,” said Michael Van Every, Chief Executive Officer/President, Republic Urban Properties. “After six years of going through the approval process, I am thankful to the Millbrae community for their incredible support. I promise them a project that they will be proud of having in their community.”

Republic Urban Properties partnered with Bay Area Rapid Transit, the City of Millbrae, veterans groups, affordable housing advocates, and many other stakeholders to develop a framework that provides housing while also meeting other community needs such as simple access to public transportation.

“The Gateway at Millbrae Station development, with its transit-orientated design, takes live-work to a new level of convenience,” said Craig Kalinowski, Executive Managing Director, Newmark Cornish & Carey. “Located at the largest multimodal transit hub west of the Mississippi, tenants and residents can keep the car in the garage and delight in a stress-free commute via BART, Caltrain, SamTrans and the future High Speed Rail.” 

Besides housing, the development will offer 151,000 square feet of Class A office space, and 44,000 square feet of ground floor retail. Mixed in with the housing, these elements will revitalize Millbrae’s local economy while making a new vibrant community.

“The Gateway at Millbrae Station is well positioned to serve the retail and restaurant needs of the local community and the greater Bay Area,” said Josh Shumsky, Director, Retail Services, Newmark Knight Frank. “The limited supply of new retail product along the Peninsula has already driven significant interest in this development as this project will make the gathering place that has been missing from this high energy trade area.”

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